Exchange-wide deals reach 196,131 contracts
The Dubai Mercantile Exchange Limited (DME) announced yesterday that it had notched up new trading records in November as the Exchange marked its first six months with steady growth.
Since the launch of DME, the Middle East's first energy futures and commodities exchange, on June 1, 2007, exchange-wide trading has reached a total of 196,131 contracts by the close of November trading. The DME's benchmark Oman Crude Oil Futures Contract traded a total of 42,658 contracts during November, beating the previous record of 39,885 set the month before. Average daily volume was 2,027, up from 1,734 in October. "November's new records in volume, open interest and physical delivery confirm the steady growth that we have experienced since launching the DME in June. We will continue to work with our customers and partners to build on these solid foundations," said Ahmad Sharaf, Chairman, DME. "This provides compelling evidence that the Oman Crude Oil Futures Contract is establishing itself as the global benchmark for Middle East sour crude oil.
Gary King, Chief Executive Officer of the DME said, market confidence in DME continued to grow with the successful completion of each full trading cycle. "More members are coming on board and we are seeing increasing levels of participation throughout the market as we expand our customer base globally."
"Our Oman Crude Oil Futures Contract has been trading for just six months but the industry is already seeing the advantages of a new benchmark pricing mechanism for Middle East sour crude oil, especially in terms of greater transparency and the more effective management of risk. All our efforts remain focussed on maintaining this remarkable progress."
Open interest in the Oman Crude Oil Futures Contract also reached a new record, standing at 11,060 contracts by the close of November trading, an increase of 2,502 on October's previous high of 8,628. The number of contracts going to physical delivery also reached a new high of 5,997 in November.
© Bahrain Tribune 2007
